Credit Suisse
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The loan portion of Liberty Global’s refinancing exercise has been reduced to around €690m, after lenders’ reluctance to roll into its merging Dutch subsidiary led the company to issue an €800m bond through Ziggo, one of the merging companies. -
While US borrowers dominated senior unsecured issuance this week, Dutch lender NIBC Bank was also able to return to the euro senior unsecured market after an absence of almost three years.
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What a difference QE makes. Sentiment in Europe's high yield market has U-turned, from the uneasy, sluggish mood in the final months of last year, to an overtly optimistic January.
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The loan portion of Liberty Global’s refinancing exercise has been reduced to around €690m, after lenders’ reluctance to roll into its merging Dutch subsidiary led the company to issue an €800m bond through Ziggo, one of the merging companies.
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Oil offtaker Oil Bridge is in the market for a $180m 23 month loan. The proceeds will go to Indian integrated oil company Essar Oil, which has entered into an advance payment agreement with the offtaker. The loan comes backed by an export performance bank guarantee from State Bank of India.
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Liberty Global’s subsidiary Ziggo launched and priced on Wednesday €800m of senior secured notes, only a week after selling an unsecured bond. Both are linked to its merger with its sister company UPC Netherlands.
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The €160m high yield bond issue from Eden Springs, the Swiss-based provider of water and coffee dispensers for the workplace, had a price guidance of 8.75% to 9%.
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Chinese snackfood maker Hubei Zhouheiya Food, backed by private equity firms Tiantu Capital and IDG Capital Partners, plans to raise $500m in an IPO in Hong Kong.
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Credit Suisse has reshuffled senior members of its fixed income department, freeing up Chris Corson, the former global head of emerging markets, for a role understood to be about “blue sky thinking across the business”.
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Five high yield companies were roadshowing for bond issues in Europe on Monday, as banks in the market have refound their confidence and are ready to begin bringing deals in earnest.
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Thomas Cook, the UK travel agency, has launched and priced on Friday the first European high yield bond of the year from a single-B-rated borrower. It encountered the after-shocks from the Swiss National Bank's shock change of exchange rate policy on Thursday, but the company achieved its refinancing goals.
